Insurance Referral
MoneyOwl provides referral services, and our partner advisors will guide you through your insurance journey.
Referral for Insurance Enquiries and Implementation
In curating our online Solution Sets under OwlInsure and OwlStar, MoneyOwl prioritises cost-effective and fit-for-purpose financial products. Some of them may be purchased online without financial advice, while others require a financial adviser for implementation.
Our product recommendations are never influenced by considerations of commercial gain. Nonetheless, MoneyOwl may seek a sharing of revenue with other companies to recover some costs. We believe that this is fair, and it helps us to further expand our social impact.
This applies in the case of insurance products where implementation require financial advice, for which we have entered into referral arrangements with third-party licensed financial advisers to serve you.
Should you take up the referral service, do note that the referral partner will be the one fully responsible for ensuring that the final products are suitable for you.
Referral to iFAST Financial Pte Ltd for Insurance Enquiries
MoneyOwl’s insurance referral partner list currently comprises:
iFAST Financial Pte Ltd
10 Collyer Quay, #26-01 Ocean Financial Centre, Singapore 049315, 6557 2000
Receive commission rebates on eligible policies, for as long as iFAST continue to receive commission from insurer.
Insurance Planning Principles with Referral Partners
For transparency, we have established an understanding on insurance planning principles with referral partners as follows:
- Partners acknowledge MoneyOwl’s Insurance Philosophy.
- Partners and their representatives will always place your interests first, regardless of their remuneration model.
- Insurance is an expense. Therefore, products recommended to you should be cost-effective, fit-for-purpose, and focus on protection.
- Total monthly insurance premium should be no more than 15% of take-home pay in most circumstances, as per the MAS’ Basic Financial Planning Guide.
- Where the protection is for loss of income (due to death, disability or critical illness), term insurance will be prioritised over cash value plans (such as whole life plans, multipliers and endowment plans).
- Comparisons between a cash value insurance policy such as a whole life plan and an unbundled arrangement of “term insurance plus investing” should use term insurance that protects you up to 65 years old and no older for comparison, and investment return comparisons should include CPF Ordinary Account and Special Account interest rates.
- A retirement income insurance policy will not be recommended if you have not yet achieved the prevailing Full Retirement Sum (FRS) in your CPF Special Account or Retirement Account.
- In view of the high costs and expenses associated with Investment-Linked Policies (ILPs) at the current time, the partners will not recommend you an ILP.
- Financial Advisory Representatives attending to you are on the Certified Financial PlannerTM(CFP®) programme, i.e., they have achieved the Associate Financial PlannerTM(AFP®), Associate Wealth Planner (AWPCM) or the CFP® designations.
- Partners will provide timely and quality service to you. The provision of additional benefits, such as commission rebates, will be viewed favourably, as long as these are made known as a policy upfront and are not used to entice clients to purchase policies that are unsuitable or unnecessary.
We publish these principles so that you know what to expect. Should your experience differ, please contact MoneyOwl so that we may review the referral arrangement.
Disclaimers
The information presented on MoneyOwl’s website does not take into consideration your specific objectives, financial situations, or individual needs, and should not be regarded as constituting personal financial advice. Buying insurance is a long-term commitment and products purchased should be suitable for your unique requirements. You may thus wish to seek advice from a licensed representative to understand product features, details, and current quotes, and their suitability for your requirements, before making decisions to purchase policies or surrender existing policies, and not rely on the information contained herein alone. MoneyOwl does not accept responsibility for such decisions made by you based on the information we have provided on our website, or on the advice of other financial advisers, including those referred by MoneyOwl.
